Gold and Silver price today (August 21, 2023): Precious metals trade higher; Should you buy or sell?

Gold and Silver price today (August 21, 2023): Precious metal futures on Monday traded in the positive territory.

Last seen, MCX gold futures (Oct 5) were up by Rs 78 or 0.13 per cent at Rs 58,453 per 10 grams at the last count, having traded between Rs 58,385 and Rs 58,460 earlier in the day. Silver futures (Sept 5) were up Rs 315 or 0.45 per cent at Rs 70,550 per kg.

"Gold could continue to remain subdued in day trade under consistent bearish pressure as the Dollar Index's rise to 103.58 last week fuels concerns of a limited upside. Also US 10Y yields could remain the focal point ahead of the Jackson Hole symposium on Friday as the same remaining above 4.25  per cent could fuel volatility in Gold trades," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends selling Gold August futures on rise at 58,500, keeping the stop loss at Rs 58,700 and a target price of Rs 58,000. For Silver July future she recommends buy on dips at Rs 70,100, with a stop loss of Rs 71,200 and a target of Rs 68,000. 

"Bullion's daily charts are trading at demand zone, any time we can see short covering rally in bullion. Traders are advised to make fresh buy positions in Gold and Silver near given support," said Amit Khare Associate Vice President at Ganganagar Commodity Limited (GCL) Broking.

Khare sees support for Gold October futures at 58300/58000 and resistance at 58700/59000. For Silver September futures he sees support at 69700/69000 and resistance at 70600/71000.

In the international market, COMEX gold was up 0.27 per cent at $1,921.6 per ounce.

Here's an indicative list of spot gold prices in some of the major Indian cities:   

City-wise gold price (24k) in India (August 21, 2023)

(Disclaimer: These are indicative prices collected from trusted sources. Investors are advised to check prices with their jeweller before acting on the information.)

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